Is it possible to pass in parameters to the shortcode?

e.g. [ link id=123 ]

This is not possible as we speak. I'll put your question to the wishlist. How do you want to use the parameters?

I'd like my users to be able to update the blog and insert certain pre-defined elements into their posts, such as a styled button or a music player. Currently they have to paste in plain HTML which isn't ideal, but they would need to be able to pass in the link url for example to make use of the shortcodes.

e.g. [ button url='http://example.com' label='Click me' ]

and the shortcode would be

<a href='{{ url }}' class='btn btn-default'>{{ label }}</a>

I may download the plugin and have a tinker myself if I get a chance.